Over the past couple of months, one of the biggest questions in media dealmaking has been,
who's going to buy Warner Brothers Discovery?
Today, Netflix announcing a blockbuster agreement to buy Warner Brothers first.
Not so fast, Netflix.
Paramount launching a hostile takeover bid for Warner Brothers.
There's been so much going on, it's enough to make your head spin.
Netflix has revised its offer.
Netflix and WBD hope that the amended plan will help spend off Paramount's hostile takeover bid for all of Warner Brothers.
You have three of the biggest names in Hollywood in Netflix, Paramount, Warner Brothers Discovery,
and it's really going to be a deal that's gonna settle what the entertainment industry looks like.
Whichever way the dust settles, it'll be monumental for Hollywood.
But this process also represents a key moment in one pocket of Wall Street that you might have missed in all the back and forth.
So late last year,
it came out that the US Bank Wells Fargo had agreed to pay half of a $59 billion bridge loan to Netflix to help them buy Warner Brothers.
That is nearly $30 billion of loans.
The bank claims it's the largest financing of its kind ever,
and it really signals a significant shift in Wells Fargo's overall ambitions.
That's because Wells Fargo has been working on a Hollywood makeover of its own sort.
It has a new appetite for mega deals,
and that's a big break from its reputation as an all-American consumer bank.